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2007-11-23 12:20:00 p.m. HKT, XFNA
HK-listed Intime Dept to buy 50 pct stake in Hangzhou store for 500 mln yuan
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HONG KONG (XFN-ASIA) - Intime Department Store (Group) Co Ltd said it has
agreed to acquire a 50 pct stake in a department store property development
site in Hangzhou, eastern Zhejiang province, for 500 mln yuan.
Intime said it is to acquire the stake through Zhelian Investment
Management, which owns the department store development site, for 300 mln
yuan. This sum also includes the outstanding loan owed by Zhelian Investment
to Zhejiang Zhelian Property Group.
Intime said it will also acquire the retail management rights of the
property development project over a 10-year period for a total of 200 mln
yuan.
After the acquisition, Intime Department will own 50 pct of Zhelian
Investment, which is to own a shopping complex with total gross floor area of
75,842.22 square meters located in a prime commercial location in Hangzhou.
It is expected that construction of the project is to be completed in
April next year, Intime added.
The company said the acquisition is consistent with its market position
and strategy of the group to operate medium to high-end department stores in
prime shipping locations.
roby.lau@xfn.com
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